EUR/USD: bulls showed weakness

EUR/USD: bulls showed weakness

Recommendation:

SELL 1.1750 SL 1.1805 TP 1.1615

BUY 1.1860 SL 1.1805 TP 1.1950

On the daily chart, EUR/USD keeps forming 5-0. Pullbacks to 50% and 38.2% of the wave CD are usually used for selling. The inability of bulls to lead the pair outside of the downtrend channel points at their weakness.

EURUSD1.png 

On H1, a break below diagonal support at 1.1750 will open the way down to 127.2% of the ideal butterfly pattern. On the other hand, successful test of the local high at 1.1860 will mean the continuation of the “widening wedge”.

EURUSD2.png

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